Valspar Corp. has opened a new advanced manufacturing center in Tianjin, China, to serve paint and coatings customers.
The new $45 million center announced Monday sports two factories and a customer service center. The facility gives Valspar its eighth location in China but its first in Tianjin. Valspar already has a regional office in Shanghai, a large research and development in Shunde and five plants scattered across the country.
"Valspar has experienced strong growth in China as customer demand for high-performance and specified coatings continue to increase in this large market," Valspar CEO Gary Hendrickson said.
The Minneapolis-based company, which supplies varnishes and coatings to China furniture makers and industrial factories, has had significant success in the region, especially last year.
Its newest building in China was designed with a focus on worker safety, product quality, enhanced productivity and meeting clients needs, officials said. It features automated and high-speed production-equipment that is being used to make waterborne coating products.
Valspar operates in at least 28 countries, makes paints, varnishes and industrial coatings in plants around the world. It generated $4.5 billion in revenue and $396 million in earnings last year. About 46 percent of all revenue comes from outside the United States.
Valspar's stock dropped 72 cents Monday to close at $84.45.